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Understanding Cryptocurrency in South Africa

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A hand painted in South Africa's national flag color is holding a physical Bitcoin with other hands

Cryptocurrency is a new and improved version of money that is native to the internet. Bitcoin started it all in 2008 when it was released by an unknown person/group of people by the name of ‘Satoshi Nakamoto‘. Bitcoin and other cryptocurrencies have seen a huge increase in both price and usage over the past few years, including here in South Africa. A store of value, a currency and a payment gateway are just a few of the many use cases that cryptocurrencies have.

Many people around the world believe that this is just the beginning for cryptocurrency. It has also been said that we are in the early stages of a financial revolution.

The importance of cryptocurrency

South Africa is experiencing multiple financial problems. These range from currency devaluation, high inflation rates and the fact that over 20% of the population doesn’t have access to a bank account. So, how can cryptocurrencies fix these problems?

  • Most cryptocurrencies have a set supply. As demand continues to increase the price should continue to rise. Many investors are using this as a hedge against the devaluation of currencies, such as the South African Rand which has lost 60% of its value in the last decade.
  • South Africa currently has an inflation rate of over 5%. While Bitcoin, the world’s largest cryptocurrency has an inflation rate of under 2%. A low inflation rate like this helps protect your money from hyperinflation.
  • Cryptocurrencies are free and accessible to anyone with an internet connection. This would allow us to ‘bank the unbanked‘ and allow for over 11 million South African’s to participate in the economy on a much larger scale.

Is cryptocurrency legal in South Africa?

Great question! The simple answer is yes, just like most other countries, cryptocurrencies are 100% legal in South Africa. The South African government has accepted that it would be counterproductive to ban cryptocurrencies for multiple reasons.

A map that shows how cryptocurrency (Bitcoin) is legal in South Africa and other countries
The map that shows Bitcoin legality by country

It is also important to ensure that you are purchasing cryptocurrency from an exchange or broker is compliant with the law as this will help keep you out of any trouble. Here at Easy Crypto South Africa, we do everything we can to ensure that both our customers and ourselves stay legally compliant at all times!

How to buy cryptocurrency in South Africa

Easy Crypto makes it incredibly easy for all South African’s to purchase over 100 of the biggest cryptocurrencies! Head over to our sign up page to create an account and get verified, this will only take a few minutes.

Why Easy Crypto is your best option to buy and sell cryptocurrency in South Africa:

  • Easy Crypto has some of the most competitive cryptocurrency prices in South Africa.
  • We have a 100% funds safety guarantee across all orders.
  • You can sign up and have cryptocurrency delivered to your wallet in a matter of minutes.
  • We are the only cryptocurrency broker in South Africa that allows customers to purchase multiple cryptocurrencies in a single order.

Head over to our sign up page, get verified and complete your first order!

How many South Africans actually buy cryptocurrency?

A survey that was recently done indicated that South Africa ranks near the top for cryptocurrency ownership! The survey found that just over 10% of South African’s report owning or using cryptocurrency. There have also been reports that local exchanges have seen a rapid increase in the number of new users that are signing up.

So what does this mean? It’s a clear indication that there is a HUGE interest in cryptocurrencies in South Africa! This is a great sign as it shows that our nation is eager to adopt this new technology which will help grow the industry as a whole.

Ownership of cryptocurrencies in South Africa via Hootsuite
Source: Hootsuite

How to get started with cryptocurrencies?

Cryptocurrencies can be quite intimidating for someone who isn’t too sure as to what they’re doing. We’d recommend you start your journey off by doing some research. Coinmarketcap is a great place to start, another place we’d recommend you start is the Easy Crypto’s Learn-page. It’s also a great idea to do research on why the cryptocurrency is important and why it will change the world. The most effective way of doing this is by doing your own research, you’ll find tons of great websites, articles, and videos that will explain everything very clearly. As always, if you need any help or assistance don’t hesitate to contact Easy Crypto team 🙂

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